Charles Schwab to cease political donations

© Reuters. FILE PHOTO: Charles Schwab sign is pictured in the Manhattan borough of New York

(Reuters) – Financial services firm Charles Schwab (NYSE:) Corp said on Wednesday it will discontinue its political action committee (PAC) and no longer accept contributions from employees or make financial contributions to lawmakers.

The company, which cited a divided political climate for its decision, said it plans to donate all remaining funds in the PAC. (https://

A host of businesses have said they would cut off campaign contributions to those who voted to challenge U.S. President-elect Joe Biden’s victory.

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